HUTCHINSON, Kan. — Archer Daniels Midland continued their impressive run through the fiscal year with another strong earnings report.
The oil seed company reports third quarter earnings of $548 million or $0.97 per share compared with $0.89 per share in 2020.
“Agile execution across our tightly integrated supply chain amid an environment of strong demand and robust crush margins, and continued impressive growth in nutrition, drove our eighth consecutive quarter of year-over-year adjusted operating profit growth,” Chairman and CEO Juan Luciano said. “Our team’s great ability to leverage the favorable operating environment, and the consistent implementation of our strategic plan, have put ADM on track for a strong fourth quarter culminating in a second consecutive year of record earnings per share.”
Total operating profit hit the $1 billion mark as the company was able to stave off any supply chain issues that have plagued the country in the past three months. ADM spent most of 2020 combining departments and cutting expenses to fight off sluggish numbers. It also idled most of its rail car fleet during 2020 but has since taken them out of mothballs.
ADM operates five elevators around Hutchinson employing around 60 workers.
CLICK HERE to download the HutchPost mobile app.
CLICK HERE to sign up for the daily HutchPost email news update.